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साउदर्न फ्यूल्स

बीएसई: 526767  |  NSE: N.A  |  ISIN:  |  Mining & Minerals

खोजें साउदर्न फ्यूल्स कनेक्शन Mar 12
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
We have audited the accompanying financial statements of SOUTHERN FUEL
 LIMITED, situated in No. 108/2, Saravanampatti Road, Vellakinar,
 Coimbatore 641 029, which comprise the Balance Sheet as at March 31,
 2014, and the Statement of Profit and Loss and Cash flow statement for
 the year ended, and a summary of significant accounting policies and
 other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (''the Act) read with the General Circular
 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
 respect of Section 133 of the Companies Act, 2013. This responsibility
 includes the design, implementation and maintenance of internal control
 relevant to the preparation and presentation of the financial
 statements that give a true and fair view and are free from material
 misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit.  We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances but not for the
 purpose of expressing an opinion on the effectiveness of the entity''s
 internal control. An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by management, as well as evaluating the overall
 presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 a.  In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31,2014;
 
 b.  In the case of the Profit and Loss Account, of the LOSS for the
 year ended on that date
 
 c.  In the case of Cash Flow statement of the cash flows for the year
 ended on that date
 
 Emphasis of Matter
 
 Without qualifying our opinion, we draw attention to Note 21 (A) (1b)
 in the financial statements regarding the presentation of financial
 statements on the principles applicable to a going concern, despite the
 company having accumulated losses of Rs. 5.17 cores, which has fully
 eroded the net worth of the company as on 31.03.2014.
 
 Reports on other Legal and Regulatory Requirement
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a.  We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b.  In our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books
 
 c.  The Balance Sheet, Statement of Profit and Loss and cash flow
 statement dealt with by this Report are in agreement with the books of
 account.
 
 d.  In our opinion, the Balance Sheet, Statement of Profit and Loss and
 cash flow statement , comply with the Accounting Standards referred to
 in subsection (3C) of section 211 of the Companies Act, 1956 read with
 General Circular 15/2013 dated 13 September 2013 of the Ministry of
 Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
 
 e.  On the basis of written representations received from the directors
 as on March 31, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31,2014, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 ANNEXURE TO THE INDEPENDENTAUDITOR''S REPORT
 
 i) In respect of its fixed assets:
 
 (a) The company has maintained proper records showing full particulars,
 including quantitative details and situation of Fixed Assets.
 
 (b) As explained to us, the Fixed Assets of the company have been
 physically verified by the Management at reasonable intervals and no
 material discrepancies have been noticed on such verification.
 
 (c) In our opinion and according to the information and explanations
 given to us, no fixed asset has been disposed during the year and
 therefore does not affect the going concern assumption.
 
 ii) In respect of its inventories:
 
 (a) As explained to us, inventories have been physically verified
 during the year by the management at reasonable intervals.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the company and the nature of its business.
 
 (c) In our opinion and on the basis of our examination of the records,
 the Company is generally maintaining proper records of its inventories.
 No material discrepancy was noticed on physical verification of stocks
 by the management as compared to book records.
 
 iii) According to the information and explanations given to us and on
 the basis of our examination of the books of account, the Company has
 not granted any loans, secured or unsecured to companies, firms or
 other parties listed in the Register maintained under section 301 of
 the Companies Act, 1956. Consequently, the provisions of clauses iii(b),
 iii(c) and iii(d) of the Companies (Auditors Report) (Amendment) Order
 2003, are not applicable to the Company.
 
 iv) According to the information and explanations given to us and on
 the basis of our examination of the books of account, the Company has
 not taken any loans during the year from companies, firms or other
 parties listed in the Register maintained under section 301 of the
 Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to
 the Company.
 
 v) In our opinion and according to the information and explanations
 given to us, there is generally an adequate internal control procedure
 commensurate with the size of the company and the nature of its
 business, for the purchase of inventories & Fixed Assets and payment
 for expenses and for sale of goods. During the course of our audit, no
 major instance of continuing failure to correct any weakness in the
 internal controls has been noticed.
 
 vi) (a) Based on the audit procedures applied by us and according to
 the information and explanations provided by the management, the
 particulars of contracts or arrangements referred to in section 301 of
 the Companies Act, 1956 have been entered in the register required to
 be maintained under that section.
 
 (b) As per information''s and explanations given to us and in our
 opinion, the transaction entered into by the company with parties
 covered under section 301 of the Companies Act does not exceed Rupees
 Five Lakhs in a financial year. Therefore requirement of reasonableness
 of transactions does not arise.
 
 vii) The Company has not accepted any deposits from the Public covered
 under section 58A and 58AA of the Companies Act, 1956.
 
 viii) As per information and explanations given by the management, the
 company does not have an Internal Audit system. However, the Company
 has adequate internal control system commensurate with its size and the
 nature of its business.
 
 ix) The maintenance of cost records under section 209(1) (d) of the
 Companies Act, 1956 has not been prescribed to the class of industry
 the company belongs.
 
 x) (a) According to the records of the company, undisputed statutory
 dues including Provident Fund, Employees'' State Insurance, Income Tax,
 Sales Tax, Service Tax, Custom Duty, Excise Duty to the extent
 applicable have been regularly deposited with the appropriate
 authorities. According to the information and explanations given to us
 there were no outstanding statutory dues as on 31st March, 2014 for a
 period more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us, there is
 no amount payable in respect of Income tax Service Tax, Sales Tax,
 Customs Duty and Excise Duty which have not been deposited on account
 of any disputes.
 
 Name of the   Nature of   Amount Rs.  Period    Forum Where Dispute is
 Statute       Dues                                   pending
 
 TNST Act     Sales Tax    56.09 lakhs  1998-1999,Commissioner (CT) Govt
                                        1999-2000 of Tamilnadu
 
 xi) The Company has accumulated Loss of Rs. 519.24 lakhs for the year
 ended 31st March 2014 and it has inurred cash losses both during the
 current financial year and in the mmediately preceeding financial year.
 
 xii) Based on our audit procedures and on the information and
 explanations given by the management, we are of the opinion that, the
 Company has not defaulted in repayment of dues to a financial
 institution or bank.
 
 xiii) According to the information and explanations given to us, the
 Company has not granted any Loans and Advances on the basis of security
 by way of pledge of shares, debenture and other securities.
 
 xiv) The company is not a chit fund or a Nidhi / Mutual Benefit Fund /
 Society. Therefore, the provision of this clause of the Comapanies
 (Auditor''s Report) Order, 2003 (as amended) is not applicable to the
 Company.
 
 xv) According to the information and explanations given to us, the
 Company is not trading in Shares, Mutual Funds & Other Investments.
 
 xvi) According to information and explanations given to us, the company
 has not given any guarantee for loans taken by others from Banks and
 Financial Institutions during the Year.
 
 xvii) Based on the information and explanations given to us and on an
 overall examination of the Balance sheet of the Company as at 31st
 March 2014, we report that no funds raised on short-term basis have
 been used for long-term investment by the Company.
 
 xviii) Based on the information and explanations given to us and on an
 overall examination of the Balance sheet of the Company as at 31st
 March 2014, we report that no funds raised on short-term basis have
 been used for long-term investment by the Company.
 
 xix) Based on the audit procedures performed and the information and
 explanations given to us by the management, we report that the Company
 has not made any preferential allotment of shares during the year.
 
 xx) The Company has no outstanding debentures during the period under
 audit.
 
 xxi) The Company has not raised any money by public issue during the
 year.
 
 xxii) Based on the audit procedures performed and the information and
 explanations given to us, we report that no fraud on or by the company
 has been noticed or reported during the year, nor have we been informed
 of such case by the management.
 
 PLACE : COIMBATORE                               For RAJAN SANKAR & Co.
 DATE: 30.05.2014                                  Chartered Accountants
 
                                                   N. RAVI SANKAR
                                                   PARTNER
                                                   MNO: 023548
                                                   FRNo: 003430S
 
 
 
 
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `74.39 Cr की बिकवाली की
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  • STILL IN F&O BAN : NCC Limited के F&O पर रोक
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